Revolut vs. Monese - how do they compare?

Looking to switch bank accounts, and tired of traditional banks? There are now a number of digital banks you can choose from, including Revolut and Monese.

In this guide, we’ll carry out a comparison of Revolut vs. Monese. We’ll explore the accounts, features and of course the costs of using these two financial services apps, which are designed to fit around people’s lives. This should help you choose the right one for your needs.

And if you’re looking for a way to send money internationally and spend overseas, make sure to check out Wise.

Open a Wise multi-currency account online and you can send money all over the world¹⁶ for low fees¹⁵ and the mid-market exchange rate. There’s even a Wise debit card for low-cost overseas spending in 175 countries.

But for now, let’s get back to Revolut vs. Monese.

Revolut vs. Monese: An overview

The first thing to know is that Revolut and Monese are not banks in the strictest sense.

Revolut fashions itself as an all-in-one financial services app. It brings the world of money right to your fingertips, with a current account, hassle-free currency exchange and integrated investments such as cryptocurrency¹.

By contrast, Monese describes itself as a “mobile money account” and a flexible alternative way to get a bank account.

In practice, whilst both approach mobile banking in different ways, there are some comparable elements. Let’s take a look:

• Both Revolut and Monese allow users to create an account in a matter of minutes with a smartphone, a photo ID and a selfie.
• Both Revolut and Monese are mobile-based.
• Both not only provide currency exchange services, but also accounts in multiple currencies.
• Both have a wide range of flexible features, with Monese focusing more on easy payments, saving and credit boosting, while Revolut’s features integrate other parts of the financial world.
• Neither are banks and are thus not covered by FSCS protections, but each has a suite of security features and consumer protections to offset this.
• Both have multiple pricing tiers, and both companies include additional features, reduce fees and insurance protections in their higher tier monthly subscriptions.

These are elements where the two apps are very similar, but how well do they compare when you look at the details? Let’s start with costs.

Costs to get started

Both Revolut and Monese have a standard plan available, in the form of the Revolut Standard¹ and Monese Simple² accounts respectively.

These accounts provide a current account that you can transfer money into and use to make payments with. You can also set up direct debits, standing orders and many other features that are standard with any other bank account.

Both also provide a debit card, but each provider charges different costs for this.

In Revolut’s case, it depends on location as well as priority delivery³, whilst Monese has a standard £4.95 charge for each card². In both cases, signing up for a paid plan waives this charge.

Both have strict limits on how much their cards can be used to withdraw money from cash machines.

In Revolut’s case, the rule is pretty complicated; you can take out £200 per month or use the card five times in a machine before being charged a 2% fee³.

For Monese, it is a simple £100 monthly limit before charges set in. Although this is lower than Revolut’s limit, it’s also more straightforward, especially if you only take out small amounts. Much like Revolut, Monese charges a 2% fee is charged for going over this limit⁴.

These fees are both based on the free account tier. However, both providers have several tiered paid plans where limits are increased and fees lowered.

Accounts and features

Now, what accounts are available with both Revolut and Monese, and what features do they offer? Let’s take a look.

Account plans

Revolut has four service tiers, each of which provides a different level of service, additional perks, features and savings:¹

• Standard, available for free but with no perks and stringent limitations.
• Plus for £2.99 per month. This adds additional purchase protections, access to <18 accounts, priority support and free card delivery.
• Premium for £6.99 per month. It adds better interest rates, a discount on international transfers, higher limits on withdrawals, travel perks and airport lounge access.
• Metal for £12.99 per month. Alongside an exclusive Metal card, it adds 2.5% interest, 10 commission-free stock trades each month, lower investment fees in general, cashback, higher withdrawal limits and a bigger international transfer discount.

By contrast, Monese has three tiers of its own:²

• Simple, available for free, has access to all of Monese’s basic services but without any perks and the limits noted above.
• Classic for £5.95 per month, which cuts international transfer fees to 0.5%, adds personal insurance, hospital stay protection and purchase protection, free card delivery and higher withdrawal limits.
• Premium for £14.95 per month, which adds free international transfers, much higher withdrawal rates than Revolut Premium (£1,500 per month compared to £800) and priority customer support.

The tiers, whilst not entirely overlapping, do provide some comparative services.

Features

Both Revolut and Monese are focused on their central app and e-money experience, and a lot of their features are very similar.

Both offer:

• Easy visualisation of payments
• The ability to easily send and request money
• Savings pots
• Budgeting tools
• Currency conversion.

Monese’s aim is to make e-money experience easier to get into, and one of their main their features is their credit builder system⁵.

This effectively works by serving as an inaccessible interest-free loan that you pay back. This not only boosts your credit score but also your savings⁵.

It also has the ability to link other payment accounts such as PayPal and even other bank accounts, allowing for a one-stop shop to manage your finances⁶.

Revolut’s range of features is far broader, and typically more about spending money than saving it.

There is a range of travel-based perks, such as access to airport lounges⁷, overseas insurance, event coverage and car hire excess coverage. But that’s not all.

The central part of Revolut’s borderless economy is in its integrated investment platform.

This allows you to more easily invest in commodities, stocks and cryptocurrency. There’s a range of transparent fees and the ability to withdraw into your bank accounts.⁸ (be mindful that your capital is at risk with investing, so never spend what you cannot afford to lose).

Protection, security and support

When talking about security, it is important to bear in mind that neither Revolut⁹ nor Monese¹⁰ are officially categorised as banks.

Therefore, they are not covered under the Financial Services Compensation Scheme if they fail¹¹.

Both instead use a safeguarding process. This is where the money deposited into either account is placed in a secure bank account or protected with an insurance policy.

In theory, this means that all of your money is covered should either company go under.

Account security

Both Revolut¹² and Monese¹³ have their own suite of security features intended to protect account holders from cybercrime.

Whilst both have easy and straightforward sign-up systems, they both require a form of photographic ID to get started. This is along with a selfie, all to ensure the user is who they claim.

They also both feature:

• Biometric authentication support
• Two-factor authentication as standard
• Support for one-use virtual cards so the details cannot be skimmed by scammers
• The ability to lock and unlock cards via the app if it is lost or stolen.

More broadly, both Revolut and Monese also have dedicated fraud protection systems that can lock accounts that demonstrate suspicious activity.

International payments

When it comes to international payments, both Revolut and Monese provide the ability to spend money in multiple currencies. But there are some differences between them.

Revolut allows you to hold money in up to 29 separate currencies but charges a fee for buying currency at weekends³. It also has strict limits on how much can be spent monthly.

By comparison, Monese has higher exchange rates but also no hidden fees. It offers free transfers to other Monese accounts and a higher monthly limit for international spending¹⁴.

The good news is that there’s an alternative which avoids both of these problems.

The Wise multi-currency account uses the mid-market exchange rate (with no markup or hidden fees) all the time. It also has low fees¹⁵, generous limits and couldn’t be easier to use.

¹⁵ Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees

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And that’s it - our guide to Revolut vs. Monese, looking at features, fees, security and much more.

If you want to get started exploring the world of finance and investment, Revolut is ideal. But if you’re looking to build up a healthy credit score and savings, try Monese.

Just make sure you compare all the things that matter to you before signing up for either, especially when it comes to costs.

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Sources used for this article:

1. Revolut - Compare plans
2. Monese - Find out more about our flexible pricing plans & fees
3. Revolut - Personal Fees (Standard)
4. Monese - EU Personal Fees and Limits
5. Monese - Build your credit score with Monese Credit Builder
6. Monese - Monese with Open Banking – everything in one place
7. Revolut- Lounges and Smart Delay
8. Revolut - Buy and Sell Bitcoin, Ethereum and more cryptocurrency | Crypto Exchange
9. Revolut Help Centre - Is Revolut a bank?
10. Monese - How we keep you and your money safe
11. FSCS - See how FSCS protects banks and building societies
12. Revolut - Security
13. Monese - At Monese, count on a secure mobile money account and the ability to lock your card
14. Monese - Send money home! Fast and secure cross border payments with safe money transfers
15. Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees
16. Country restrictions apply. Wise - The clever new way to send money abroad

Sources checked on 17-January-2023.